Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Revenue Recognition:
All grants, contracts and contributions are considered available for the Organization’s general programs unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor are reported as temporarily or permanently restricted support and increase the respective class of net assets. Contributions and Grant Receivable:
Contributions received are recorded as net assets with donor restrictions or net assets without donor restrictions depending on the existence or nature of any donor restrictions.
Contributions and grant receivable that are expected to be collected within one year are recorded at their net realizable value.
De Minimis Rate Used: Y
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Faith-Hope-Love-Charity, Inc. under programs of the federal government for the year ended September 30, 2022. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profits Organizations. Because the Schedule presents only a selected portion of the operation of Faith-Hope-Love-Charity, Inc., it is not intended to and does not present the financial position, change in net assets, or cash flows of Faith-Hope-Love-Charity, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Revenue Recognition:
All grants, contracts and contributions are considered available for the Organization’s general programs unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor are reported as temporarily or permanently restricted support and increase the respective class of net assets. Contributions and Grant Receivable:
Contributions received are recorded as net assets with donor restrictions or net assets without donor restrictions depending on the existence or nature of any donor restrictions.
Contributions and grant receivable that are expected to be collected within one year are recorded at their net realizable value.
De Minimis Rate Used: Y
Rate Explanation: Not applicable
1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profits Organization, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
2) Pass-through entity identifying numbers are presented where available.